Economy Losses Another 263,000 Jobs in September – 15 Million Now Unemployed!
October 2nd, 2009
According to data released this morning from the government’s Bureau of Labor Statistics, the economy lost another 263,000 jobs in September, meaning over 15 million people are officially unemployed.
However, the official unemployment rate underestimates the reality, because it excludes numerous people who have given up looking for work, been unemployed for over one year, or have taken some part-time work. Given that over 33% of those that are unemployed have been that way over six months, a record in our nation’s history, there is little doubt the number unemployed for over a year is surging.
Many sources in the media had expected the amount of jobs lost to be around half what was officially shown. That means less potential the economy is pulling out of this mess and indeed this recession will likely continue to worsen.
Recessions are getting worse. It does not take an Edison or Einstein to figure out it is because of our de-industrialization leaving more good folks vulnerable. When factories close here and get moved overseas, mainly to China, the “service” jobs that are supposed to replaced them can be lost in days.
Recent economic booms were not caused by new factories opening, but by fake financial card tricks – the Internet .com stock market spike and particularly the ridiculous housing price surge. Wall Street had a hand (many hands) in both and seriously profited by it while times were “good”.
The fantasy is fun for awhile, but the reality is that without industry making real stuff here in the USA there can be no prosperity.
Todd Lipscomb
Founder of www.MadeinUSAForever.com a source for American-Made products.
Friday, October 2nd, 2009 at 6:55 pmand is filed under Uncategorized.
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